The Economic and Financial Crimes Commission (EFCC) has arrested five former top officials of the Nigerian National Petroleum Company Limited (NNPCL) over an alleged \$7.2 billion fraud linked to the failed rehabilitation of Nigeria’s major refineries.
Among those in custody is Umar Isa, a former Chief Financial Officer of the NNPCL, who oversaw the release of funds for the turnaround maintenance of the Kaduna, Warri, and Port Harcourt refineries.
Others arrested include Jimoh Olasunkanmi, former Managing Director of Warri Refinery; Tunde Bakare, another MD of the same refinery; and two former Managing Directors of the Port Harcourt Refinery, Ahmed Dikko and Ibrahim Onoja.
According to reports, the arrested officials are being investigated for alleged abuse of office, diversion of public funds, kickbacks from contractors, and corruption tied to key NNPCL projects, especially the refinery rehabilitation programmes that have failed to produce results despite massive spending.
The EFCC has not released an official statement yet, as its spokesperson, Dele Oyewale, was unreachable as of press time.
The arrests come just days after the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, raised serious concerns over financial discrepancies in NNPCL’s audited accounts. The committee described the figures from 2017 to 2023 as “mind-boggling” and issued 11 queries to NNPCL’s finance team, demanding responses within a week.
The \$7.2 billion scandal has once again raised questions about accountability and transparency in Nigeria’s oil sector, especially as the country continues to struggle with fuel importation and underperforming local refineries.
